Camp looks to medal in Olympics tax competition

8/3/12 4:39 PM EDT

House Ways and Means Committee Chairman Dave Camp (R-Mich.) is adding his name to the list of lawmakers who say they are rooting for Olympic athletes to break records in London and come home without a tax bill waiting for them.

“Allowing our Olympians to receive and enjoy their medals and awards without having to worry about whether they can pay the taxes on their accomplishment is just one small way we can show that support,” Camp said in a statement on Friday.

How much Olympic champions would have to pay for the gold, silver or bronze around their necks is in dispute but not enough to get in the way of lawmakers bringing the Summer Games into the ongoing political fight over taxes.

Camp’s statement -- which didn’t say whether he would introduce legislation to shield Olympians from paying taxes on the prizes they pick up in London -- comes after Americans for Tax Reform caused a sensation this week with a report that said some athletes might have to hand over as much as $9,000 from their winnings to the IRS.

Within a day, Sen. Marco Rubio (R-Fla.) was out with a bill that would exempt Olympic winnings from taxation.

Olympians receive cash payments of $25,000 for gold medals, $15,000 for silver and $10,000 for bronze.

PolitiFact, the Pulitzer-winning fact-checking news site, threw cold water on ATR’s estimates. Since most athletes don’t rake in nearly as much as decorated swimmer Michael Phelps, the site said, they won’t be in the highest tax bracket and won’t receive an Olympic-sized tax bill.